Bank Account Update Email: How It Works
You get an email from your bank, asking that you upgrade or restore your account. It claims the company is going through a system change or that they found an error in your account info. It provides a link back to the bank's website. If you click the link, it will take you to a website with your bank's logo and ask you to login by entering your account number and password. However, what began as a simple upgrade could result in a downgrade of your finances. Simply put, the website is not real, and the scam artists now have your banking information.
Here is a screenshot of a fake email, from Westpac Bank:
Bank Account Upgrade: How to Avoid
Ignore these messages, especially if they refer to you as "Dear Customer", instead of addressing you by your full name. Banks never email clients about any sensitive information unless the client has signed up for it. Banks especially don't email clients when they're upgrading their system. Beware, scammers use any bank's name!
Bank Account Update: How to Report
Make your family and friends aware of the Bank Account Update scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below: